The Multifamily Dispatch

This week, hosts Dan Gable and Matt Bastnagel discuss the growing signs of recovery in apartment performance alongside effects of interest rate pressures for multifamily buyers, seller, and investors.
Sources discussed in this episode:
Realpage: “3Q 2026 U.S. Apartment Update” - https://www.realpage.com/analytics/3q-2026-us-data-update/
Yardi Matrix: “Multifamily National Report – September 2026” - https://www.yardimatrix.com/multifamily-national/matrix-multifamily-national-report-september-2026/
CoStar: “Multifamily Rent Growth Report for September 2026” - https://investors.costargroup.com/news-releases/news-release-details/apartmentscom-releases-multifamily-rent-growth-report-0
Apartment List: “National Rent Report [September] 2026” https://www.apartmentlist.com/research/national-rent-data
Bisnow: “Lenders Warn Commercial Real Estate's 'Day Of Reckoning' Is Close At Hand” - https://www.bisnow.com/news/national/capital-markets/real-estate-dealmaking-slowing-10-year-treasury
0:00 - Intro: A Cautious Recovery
1:05 - National Apartment Performance Numbers
6:36 - Regional Differences in Multifamily Performance
8:51 - The Cautiousness in Cautious Optimism
12:39 - Fundamentals Improving, What about Sales?
14:06 - The Jumping, Boiling Frogs of Multifamily

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NOTE: This podcast is for informational/educational purposes only. This is not an offer to invest.

This week on The Multifamily Dispatch, hosts Dan Gable and Matt Bastnagel are joined by Austin Katai and Sam Orman of Berkadia, who share their comprehensive knowledge of the multifamily mortgage industry, key trends in capital markets, and insights into the apartment lending process.
Berkadia is a distinguished leader in the commercial real estate sector. Learn more at https://www.berkadia.com/

0:00 - Introducing Berkadia's Sam Orman and Austin Katai
2:32 - The Multifamily Mortgage Market in a High Rate Environment
6:03 - Bridge Lending and Loan Extensions
9:38 - Debt Yields and Multifamily Lending
10:34 - Multifamily Lending in the late 2010s vs Today
13:45 - Private Credit Proliferation
14:58 - Loan Assumptions and Price Discovery
17:08 - Where Are Lenders Tightening?
18:04 - Positive Signs in Multifamily Fundamentals
18:53 - Multifamily Pricing Trends
22:10 - Multifamily Mortgage Process: What Lenders Want
28:39 - Tales of Memorable Deals
36:08 - Best Practices for a Multifamily Borrower
38:50 - What the Future Holds for Multifamily

Subscribe to our weekly newsletter at https://www.jandgcompanies.com/the-multifamily-dispatch/
NOTE: This podcast is for informational/educational purposes only. This is not an offer to invest.

This week on The Multifamily Dispatch, hosts Dan Gable and Matt Bastnagel discuss the dizzyingly-high interest rate environment, the latest data on apartment performance, and where investors, homeowners, and renters are moving.
Sources discussed in this episode:
Marcus & Millichap: “Investors Increasingly Focus on Smaller Metros” - https://www.marcusmillichap.com/research/videos/investors-increasingly-focus-on-smaller-metros
Harvard Joint Center for Housing Studies: "Pandemic-Era Residential Mobility: Examining Temporary Shifts and Enduring Trends" - https://www.jchs.harvard.edu/research-areas/working-papers/pandemic-era-residential-mobility-examining-temporary-shifts-and
Harvard Joint Center for Housing Studies: "Household Mobility Fell to Record Low in 2024" - https://www.jchs.harvard.edu/blog/household-mobility-fell-record-low-2024
GlobeSt: “Apartment Debt Capital Expands Its Search Beyond the Sun Belt” - https://www.globest.com/2026/09/04/apartment-debt-capital-expands-its-search-beyond-the-sun-belt/
RealPage: “Annual Rent Growth Strengthens as Apartment Market Recovery Continues” - https://www.realpage.com/analytics/august-2026-us-data-update/
Yardi Matrix: “Multifamily National Report – August 2026” - https://www.yardimatrix.com/multifamily-national/matrix-multifamily-national-report-august-2026/
Federal Reserve Bank of the United States: "The Treasury Tantrum of 2023” - https://www.federalreserve.gov/econres/notes/feds-notes/the-treasury-tantrum-of-2023-20240903.html
Trepp: “CMBS Delinquency Rate Decreased One Basis Point in August 2026” - https://www.trepp.com/trepptalk/overall-cmbs-delinquency-rate-decreased-in-august-2026
CRED iQ: “CRE CLO Distress Accelerates in August” - https://cred-iq.com/blog/2026/09/04/cre-clo-distress-accelerates-in-august/
0:00 - Introduction, High Interest Rates
1:35 - Investors Target Smaller Markets
3:22 - Housing Mobility
6:43 - Smaller Markets and Higher Yields
13:05 - Apartment Data Points to Recovery
16:34 - Interest Rates and Distress in the Multifamily Market

Subscribe to our weekly newsletter at https://www.jandgcompanies.com/the-multifamily-dispatch/
NOTE: This podcast is for informational/educational purposes only. This is not an offer to invest.

This week on The Multifamily Dispatch, hosts Dan Gable and Matt Bastnagel discuss the hard facts and soft data on the economy, the latest trends in multifamily capital markets, and the implications of recent moves in the US Treasury markets.
Sources discussed in this episode:
Business Insider (via Yahoo Finance): “What the big bond sell-off means for your wallet” - https://fance.yahoo.com/economy/policy/articles/big-bond-sell-off-means-184527658.html
Reuters (via Yahoo Finance): “What's behind the selloff in world bond markets?” - https://finance.yahoo.com/economy/policy/articles/explainer-whats-behind-selloff-world-141230628.html
Berkadia: “The State of Borrowing Costs: Higher Rates, Tighter Spreads” - https://www.berkadia.com/blog/the-state-of-borrowing-costs-higher-rates-tighter-spreads/
Multifamily Dive: “Apartment cap rates inched up to 5.6% in July: MSCI” - https://www.multifamilydive.com/news/apartment-cap-rates-multifamily-sales/829320/
Realpage: “Apartment Cap Rates Hit an 11-Year High as 2Q Deal Volume Steadies” - https://www.realpage.com/analytics/apartment-transactions-2nd-quarter-2026/
Apartments.com: “Rent Report for August 2026” - https://www.apartments.com/blog/apartments.com-national-rent-trends-report
Apartment List: “National Rent Report, August 2026” - https://www.apartmentlist.com/research/national-rent-data
Federal Reserve Bank of San Francisco: Quality, Inequality and Understanding Housing Markets” - https://www.frbsf.org/research-and-insights/publications/working-papers/2026/08/quality-inequality-understanding-housing-markets/
0:00 - Introduction
1:35 - The Bonds Must Be Crazy
15:37 - Multifamily Cap Rates
16:04 - A Case for Midwest Multifamily Growth
17:41 - Multifamily Fundamentals Point to Growth

Subscribe to our weekly newsletter at TheMultifamilyDispatch.com.

NOTE: This podcast is for informational/educational purposes only. This is not an offer to invest.

This week on The Multifamily Dispatch, hosts Dan Gable and Matt Bastnagel speak with Trey Wheeler about the trends worth following in the multifamily investment market and tools for multifamily investors and syndicators.
More from Trey Wheeler:
treywheeler.co
0:00 - Introducing Trey Wheeler
2:04 - Hidden Risks and Opportunities in the Multifamily Market
4:45 - Outlining Multifamily Market Adjustment
10:51 - Multifamily Demand Pressures
13:14 - Inflation and Interest Rates
16:16 - AI Hype in the Multifamily Market and CRE Echo Chamber
21:26 - Multifamily Regional Narratives: Is the Sunbelt Back Yet?
29:20 - Investing in a High Supply Apartment Market
31:23 - Building Multiscreen, a multifamily acquisitions technology platform
34:41 - Technology aimed at improving the acquisitions process
Subscribe to our weekly newsletter at TheMultifamilyDispatch.com.
NOTE: This podcast is for informational/educational purposes only. This is not an offer to invest.

This week one Multifamily Dispatch, hosts Dan Gable and Matt Bastnagel discuss the hard facts and soft data on the economy, the latest trends in multifamily capital markets, and the implications of recent moves in the US Treasury markets.

Sources discussed in this episode:

Federal Reserve Bank of San Francisco: “Do Vibes Predict Recessions Evidence from a Big-Data Forecasting Framework” - https://www.frbsf.org/wp-content/uploads/wp2026-14.pdf

Colliers: “Q2 2026 Multifamily Capital Markets Report” - https://www.colliers.com/-/media/files/unitedstates/national/2026/colliers-capital-markets-us-multifamily-report-q2-2026.ashx

Newmark: “2Q26 U.S. Multifamily Capital Markets Conditions & Trends” - https://www.nmrk.com/insights/market-report/2q26-u-s-multifamily-capital-markets-conditions-trends

RealPage: “Low Volatility, Limited Upside: What’s Next for Midwest Apartment Markets?” - https://www.realpage.com/analytics/midwest-apartment-market-2nd-quarter-2026/

Trepp: “Why Multifamily Property Values Reset Even as Cash Flow Grew” - https://www.trepp.com/trepptalk/multifamily-property-values-reset

0:00 - Introduction
0:57 - Hard Facts and Soft Feelings on the Economy
9:45 - Multifamily Capital Markets
16:04 - A Case for Midwest Multifamily Growth
22:01 - Multifamily Market Differences Are Back
23:47 - Bessent Bond Buyback Implications

Subscribe to our weekly newsletter at TheMultifamilyDispatch.com.

NOTE: This podcast is for informational/educational purposes only. This is not an offer to invest.

This week, hosts Nick McCrackin and Matt Bastnagel discuss inflation numbers, the latest data on apartment performance, and recent reports on investor sentiment.

Sources discussed in this episode:

Bureau of Labor Statistics: "Consumer Price Index, July 2026" - https://www.bls.gov/news.release/cpi.nr0.htm

RealPage: “U.S. Apartment Market Sees the Return of Annual Rent Growth” - https://www.realpage.com/analytics/july-2026-us-data-update/

Apartment List: “National Rent Report, July 2026” - https://www.apartmentlist.com/research/national-rent-data

Yardi Matrix: “Multifamily National Report, July 2026” - https://www.yardimatrix.com/multifamily-national/matrix-multifamily-national-report-july-2026/

CoStar: “Apartments.com Rent Report for July 2026: Rent Growth Heats Up” - https://www.apartments.com/blog/apartments.com-national-rent-trends-report

CoStar: https://www.costargroup.com/press-room/2026/apartmentscom-releases-multifamily-rent-growth-report-july-2026

MMG: "Q1 Investor Pulse Survey" - https://mmgrea.com/2026-multifamily-investor-pulse-survey/

MMG: "Mid-Year Multifamily Investor Pulse" - https://mmgrea.com/2026-mid-year-multifamily-investor-pulse-survey/

Berkadia: “Q1 Powerhouse Poll” - https://www.berkadia.com/lp/powerhouse-poll-2026/

Berkadia: “Mid-Year Investor Pulse Survey” - https://www.berkadia.com/lp/multifamily-pulse-survey-2026/

0:00 - Intro

0:48 - Inflation data from the Consumer Price Index

6:18 - Apartment Performance Data

25:27 - Investor Sentiment Update

Subscribe to our weekly newsletter at TheMultifamilyDispatch.com.

NOTE: This podcast is for informational/educational purposes only. This is not an offer to invest.

This week, hosts Dan Gable and Matt Bastnagel discuss interest rate and job trends trends, homeownership measurements, and the implications for the multifamily market.

Sources discussed in this episode:

Trepp: “Where Multifamily Values Tracked or Diverged from Single-Family Home Prices” - https://www.trepp.com/trepptalk/multifamily-single-family-home-prices

RentCafe: “Millennial housing report: Where they’re buying homes and where they’re still renting” - https://www.rentcafe.com/blog/rental-market/market-snapshots/top-metro-areas-for-millennial-homeowners-and-renters/

Wall Street Journal: "Warsh’s Silence Manufactures Market Noise" - https://www.wsj.com/opinion/warshs-silence-manufactures-market-noise-9132a01f

0:00 - Intro

0:29 - Kevin Warsh and the Federal Reserve

14:08 - Single Family Homes and Apartment Rentals

27:47 - Low Jobs Numbers, Interest Rates, and Economic Impacts

Subscribe to our weekly newsletter at TheMultifamilyDispatch.com.

NOTE: This podcast is for informational/educational purposes only. This is not an offer to invest.